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Side-by-side financial comparison of HWH International Inc. (HWH) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
Rafael Holdings, Inc. is the larger business by last-quarter revenue ($240.0K vs $206.8K, roughly 1.2× HWH International Inc.). HWH International Inc. runs the higher net margin — -140.7% vs -4090.0%, a 3949.3% gap on every dollar of revenue. On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -40.2%).
HWH International Inc operates in the global luxury hospitality and lifestyle services industry, providing premium travel membership programs, curated high-end travel experiences, and exclusive access to luxury resorts, fine dining venues, and premium leisure facilities. Its key markets include North America, Asia Pacific, and Europe, serving high-net-worth individuals and corporate clients.
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
HWH vs RFL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $206.8K | $240.0K |
| Net Profit | $-291.0K | $-9.8M |
| Gross Margin | 59.8% | — |
| Operating Margin | -142.7% | -4225.4% |
| Net Margin | -140.7% | -4090.0% |
| Revenue YoY | -40.2% | 87.5% |
| Net Profit YoY | 46.9% | -9.0% |
| EPS (diluted) | — | $-0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $240.0K | ||
| Q3 25 | $206.8K | — | ||
| Q2 25 | $310.4K | — | ||
| Q4 24 | $287.1K | — | ||
| Q3 24 | $345.5K | $165.0K | ||
| Q2 24 | $334.9K | $336.0K | ||
| Q1 24 | $286.1K | $68.0K | ||
| Q4 23 | — | $68.0K |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-291.0K | — | ||
| Q2 25 | $83.4K | — | ||
| Q4 24 | $-476.7K | — | ||
| Q3 24 | $-548.5K | $-4.5M | ||
| Q2 24 | $-387.9K | $-32.4M | ||
| Q1 24 | $-1.3M | $6.0M | ||
| Q4 23 | — | $-3.6M |
| Q4 25 | — | — | ||
| Q3 25 | 59.8% | — | ||
| Q2 25 | 48.0% | — | ||
| Q4 24 | 39.6% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | 49.2% | 74.7% | ||
| Q1 24 | 57.1% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | -4225.4% | ||
| Q3 25 | -142.7% | — | ||
| Q2 25 | 24.5% | — | ||
| Q4 24 | -170.2% | — | ||
| Q3 24 | -155.5% | -2330.3% | ||
| Q2 24 | -120.5% | -27726.5% | ||
| Q1 24 | -467.1% | -4622.1% | ||
| Q4 23 | — | -3644.1% |
| Q4 25 | — | -4090.0% | ||
| Q3 25 | -140.7% | — | ||
| Q2 25 | 26.9% | — | ||
| Q4 24 | -166.1% | — | ||
| Q3 24 | -158.7% | -2707.9% | ||
| Q2 24 | -115.8% | -9628.3% | ||
| Q1 24 | -467.2% | 8892.6% | ||
| Q4 23 | — | -5350.0% |
| Q4 25 | — | $-0.19 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $-1.36 | ||
| Q1 24 | — | $0.25 | ||
| Q4 23 | — | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.9M | $45.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8M | $85.2M |
| Total Assets | $5.2M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.5M | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $3.7M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $836.3K | $2.7M | ||
| Q2 24 | $958.9K | $7.4M | ||
| Q1 24 | $1.1M | $7.1M | ||
| Q4 23 | — | $13.2M |
| Q4 25 | — | $85.2M | ||
| Q3 25 | $2.8M | — | ||
| Q2 25 | $3.2M | — | ||
| Q4 24 | $2.8M | — | ||
| Q3 24 | $-374.9K | $82.2M | ||
| Q2 24 | $-3.6M | $86.1M | ||
| Q1 24 | $-3.1M | $104.9M | ||
| Q4 23 | — | $98.2M |
| Q4 25 | — | $105.4M | ||
| Q3 25 | $5.2M | — | ||
| Q2 25 | $10.6M | — | ||
| Q4 24 | $6.4M | — | ||
| Q3 24 | $2.9M | $96.8M | ||
| Q2 24 | $3.1M | $101.6M | ||
| Q1 24 | $2.6M | $106.1M | ||
| Q4 23 | — | $95.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-199.9K | $-6.8M |
| Free Cash FlowOCF − Capex | $-217.9K | — |
| FCF MarginFCF / Revenue | -105.4% | — |
| Capex IntensityCapex / Revenue | 8.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-6.8M | ||
| Q3 25 | $-199.9K | — | ||
| Q2 25 | $26.9K | — | ||
| Q4 24 | $-415.2K | — | ||
| Q3 24 | $-275.0K | $-2.9M | ||
| Q2 24 | $-490.8K | $-251.0K | ||
| Q1 24 | $-638.2K | $-2.5M | ||
| Q4 23 | — | $-2.1M |
| Q4 25 | — | — | ||
| Q3 25 | $-217.9K | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-415.5K | — | ||
| Q3 24 | $-277.1K | — | ||
| Q2 24 | $-516.8K | $-375.0K | ||
| Q1 24 | $-640.3K | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -105.4% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -144.7% | — | ||
| Q3 24 | -80.2% | — | ||
| Q2 24 | -154.3% | -111.6% | ||
| Q1 24 | -223.8% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.7% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 7.7% | 36.9% | ||
| Q1 24 | 0.7% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.32× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
